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Chairman Ronald C. Perera PC (left) and CEO Chandana L. Aluthgama
Sri Lanka Insur-ance said yesterday it has yet again recorded a stellar performance in the year 2022 to record a profit before taxation of Rs. 12.47 billion for the year 2022, with a combined Gross Written Premium (GWP) of Rs. 41.2 billion.
Despite the adverse economic and social conditions that prevailed in the country in the year 2022, Sri Lanka Insurance was able to increase the asset base to Rs.274 billion and the Life fund to Rs. 156.7 billion to uphold the position as the largest and strongest insurer in the country.
Further, although placed on a negative watch as all other local insurers due to the current economic situation of the country, Sri Lanka Insurance managed to retain A (lka) Fitch rating for insurer financial strength. SLIC is the only insurer to be certified with an A (lka) rating.
In the year 2022, Sri Lanka Insurance recorded a Life Insurance premium volume of Rs. 20.9 billion. Surpassing its own record, the company declared a staggering sum of Rs. 10.49 billion as Life Insurance bonus to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 billion making the SLIC bonus pay-out unmatchable.
Sri Lanka insurance Motor Plus the flagship brand emerged Market No. 1 again enhancing the lead by Rs. 1.9 billion, recording a total volume of Rs. 12.78 billion premium value securing a market share of 19.6%. The category recorded a 9.5% growth above the industry growth which recorded at 7.3%.
SLIC also introduced many firsts to the Insurance industry in terms of Insurance solutions. Motor Plus Pinnacle the premium motor insurance product, Drive 60 a personal accident cover for senior citizens and JanaRakuma a personal accident cover affordable for all. SLIC also introduced Medi 60, the first and only medical cover for the senior citizens of the country and School Fee Protect, the only insurance policy that provides protection for your child’s school fees for the entire school period.
Understanding the modern consumer SLIC has been taking the lead and making steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration to ensure extreme customer convenience. Claim settlement process has been re-engineered to facilitate fast-track and contactless claim settlements to customers. SLIC also accelerated the digital strategy to systematically automate the systems and processes with the ultimate aim of migrating to a paperless environment at all levels of the business. The “Work Flow Management System” is transforming all internal manual and paper-based operations into digital-driven systemized operations. Payments processes are also transforming towards more digital and paperless procedures to enhance efficiency as well as to reduce cost components. SLIC also ushered in a performance driven culture with assigned KPIs at all levels.
Sri Lanka Insurance CEO Chandana L. Aluthgama said: “Amidst very challenging market conditions and ever evolving consumer patterns we have been able to demonstrate our resilience and prudent strategic practices to record a phenomenal financial result for the year 2022. We were able to accelerate our strategic initiatives to enhance digital integration and deliver exceptional service levels to our stakeholders and instil a performance driven culture linking rewards accordingly to introduce a variable pay instead of the traditional year on year fix increment. Looking at the future ahead we are geared now with increased internal efficiencies and productivity improvements to face the fast evolving insurance landscape. The success is also an embodiment of the commitment and agility of our staff and field force to an ever evolving insurance market.”
SLIC Chairman Ronald C. Perera PC said: “During unprecedented challenging times SLIC has been able record robust performance retaliating yet again the financial and operational prowess of the company, I thank the board, management and staff of SLIC for their efforts in achieving this remarkable performance.”
